OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Foreclosure Prevention Act of 2008

Date: May 21, 2008
Location: Washington, DC
Issues: Housing and Property


FORECLOSURE PREVENTION ACT OF 2008 -- (Extensions of Remarks - May 21, 2008)

SPEECH OF
HON. NYDIA M. VELÁZQUEZ
OF NEW YORK
IN THE HOUSE OF REPRESENTATIVES
THURSDAY, MAY 8, 2008

* Ms. VELÁZQUEZ. Mr. Speaker, let me first commend Chairman FRANK and Chairman RANGEL for their leadership in moving the American Housing Rescue and Foreclosure Prevention Act of 2008 forward. This is an intelligent and measured piece that addresses the devastating effects of the mortgage crisis. For years, Washington was asleep at the switch. But now, this Congress is addressing and preventing foreclosures.

* Nearly 650,000 foreclosure filings were issued in the first quarter of 2008, which represents 1 of every 194 households. Every day that goes by without action means more families are at risk of losing their homes.

* This crisis--like so many other components of the current recession--hit low-income and minority neighborhoods the hardest. Each home lost to foreclosure affects entire neighborhoods. Chairwoman WATERS' bill H.R. 5818--of which I am an original cosponsor--allows homeowners to fight back.

* I want to particularly highlight a provision I pushed to get added to this fine legislation. Many homeowners ended up in foreclosure because they didn't get sound mortgage advice. They need someone on their side--we all know the bank will be well represented. I am proud to have worked with Chairman FRANK and several of my Financial Services Committee colleagues to ensure that low-income homeowners and veterans in high foreclosure areas have access to professional counseling. Many distressed homeowners need sound advice now more than at any other time in their lives. Our legislation provides the help they need.

* When a family loses a home to foreclosure, they lose more than four walls and a roof--they lose their economic stability. The housing package we are debating not only addresses immediate needs but is a solid strategy for preventing a future housing downturn.

* I urge a ``yes'' vote on the American Housing Rescue and Foreclosure Prevention Act.


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